EXCLUSIVE: Mohamed Hadid's elation over his legal victory in battle with his neighbors could be short-lived as the Bel Air mega-mansion he planned to sell for $100M will be auctioned for just $8M - and then be demolished
Property developer Mohamed Hadid's victory Friday in his neighbors' lawsuit over his notorious Los Angeles mega-mansion could be short-lived.
The giant hilltop house towering over Bel Air goes on the auction block later this month with an asking price of $8million.
And if a buyer shows up with enough bucks, the half-built luxury palace the father of supermodels Bella and Gigi Hadid once hoped to sell for $100 million, will instead be torn down and reduced to a pile of rubble and dust.
The arrival of a wrecking ball to demolish the controversial structure will be a welcome sight for Hadid's neighbors, Joe and Bibi Horacek and John and Judy Bedrosian, who estimated they spent $9million in legal fees fighting Hadid and asked a jury to give them $26million in damages - but ended up being awarded barely $3million.
The destruction of the giant house looming ominously over their tranquil homes can't come soon enough for these residents who told during a six-week civil trial how Hadid's project - with it's illegal construction, unsafe foundations and steep, precarious slopes - had turned their quiet lives of retirement into a nightmare of fear and worry that the mansion could come crashing down the hill and destroy their homes.
Mohamed Hadid, 72, has been building his cliffside Strada Vecchia project for 10 years. On Friday, he had scored what his lawyer called a 'major victory', but DailyMail.com can reveal the victory may be short-lived as his mansion goes on auction later this month with an asking price of $8million
If the mega mansion sells at auction, the home Hadid once hoped would sell for $100million will instead be demolished
Hadid relished his victory in an Instagram post Friday, thanking his lawyers, the jury and the city of Santa Monica, California
Almost two years before the trial ended last week, the presiding judge in the case - Judge Craig Karlan - had declared the house to be 'a clear and present danger' to the local community and ordered it to be razed to the ground.
Retired entertainment lawyer Joseph Horacek, 80, got $2.9million from the jury after claiming stress, anxiety and sleepless nights. Above, Horacek stands with a photo from a Vanity Fair shoot in which Hadid's doomed estate was digitally removed
But it's still standing because Hadid, 72, claims he's broke and cannot afford the $5 million it would take to tear it down. And a buyer who had agreed to purchase the house and the 1.2 acres it sits on for $9 million, backed out of the deal.
Now, Douglas Wilson - the receiver Judge Karlan appointed to supervise the demolition - has arranged an auction in which would-be buyers will be asked to submit sealed bids with a deposit of $250,000, between September 20 and September 27, and the judge will pick a winner at a hearing in his Santa Monica court on October 1.
While the price tag is $8 million, there will be 'no reserve', which means that the highest bid could be accepted, even if it's lower.
If the buyer's finances check out and he or she has no escrow problems, the sale will go through and Wilson will use the proceeds to pay for the house to be torn down, the hillside site to be made safe enough for another - this time legal - house to be built, and to settle Hadid's $1.3 million in unpaid property taxes.
The much-maligned mansion is being touted as 'The Famous Hadid Estate' by high-end Beverly Hills realtor Hilton and Hyland.
And the prestigious auctioneer, Premiere Estates, has produced an elaborate brochure which boasts many full-color photos of the partially-completed house on ritzy Strada Vecchia Road and aerial shots of the beautiful Bel Air neighborhood it dominates.
The much-maligned mansion is being touted as 'The Famous Hadid Estate' by high-end Beverly Hills realtor Hilton and Hyland
The prestigious auctioneer, Premiere Estates, has produced an elaborate brochure which boasts many full-color photos of the partially-completed house on ritzy Strada Vecchia Road and aerial shots of the beautiful Bel Air neighborhood it dominates.
'Situated in the sought-after Lower Bel Air and surrounded by some of the City's most celebrated estates, 901 Strada Vecchia Road is a rare opportunity to build a world class estate featuring views of the city and surrounding canyon,' brags the brochure's blurb
The brochure says the home sits on over an acre of land and sits at the end of a 'quiet cut-de-sac and approached through manicured, tree-lined streets, offers unrivaled privacy and seclusion whilst being conveniently located within the close proximity to the exclusive Bel Air Country Club'
'Situated in the sought-after Lower Bel Air and surrounded by some of the City's most celebrated estates, 901 Strada Vecchia Road is a rare opportunity to build a world class estate featuring views of the city and surrounding canyon,' brags the brochure's blurb.
'Comprising over an acre of land, this property, which is located at the end of a quiet cut-de-sac and approached through manicured, tree-lined streets, offers unrivaled privacy and seclusion whilst being conveniently located within the close proximity to the exclusive Bel Air Country Club as well as the world-renowned restaurants and boutiques of Beverly Hills.
'The property is being offered as a receivership sale. The current structure will be demolished by the receiver following close of escrow at no additional cost to the buyer.'
If no acceptable bid is forthcoming or a potential sale falls through and the demo is put on hold again, the neighbors - who feuded with Hadid for a decade over the house they believe is a menace to the neighborhood and should be destroyed - have one more weapon in their legal arsenal.
Hadid thanked his kids, including his supermodel daughters Bella and Gigi, for supporting him throughout the six week trial
Hadid attended the trial, sometimes with his oldest daughters, Alana (far right) 36, and Marielle, 40 (second from left) by his side. He also thanked his son Anwar (left) for his support
Their lead attorney, Gary Lincenberg, has filed a motion in Judge Karlan's court, blasting the City of LA for allowing Hadid to get away with building the gargantuan house in the first place and demanding that the City tear it down immediately because of the threat it poses to the homes it overlooks.
Lincenberg argued in court documents obtained by DailyMail.com that the City has a responsibility to protect its residents and therefore, 'the City should be ordered to perform its public safety duty and demolish the mansion.
'The recent condominium collapse in Florida tragically showed what can happen when life safety risks are not expeditiously bated.
'It will be much less costly for the City to pay for the demolition now, than to deal with the aftermath of the structure failing.'
Judge Karlan is scheduled to rule October 15 on Lincenberg's motion.
